From the December issue: All indicators are pointing toward this holiday shopping season in New York City outperforming the past two, which were among the worst in decades. At the same time, an increase in leasing activity in the city seen in the past year is expected to continue going into 2011 — especially if retailers have a strong showing this month.
Faith Hope Consolo, chairman of retail leasing at Prudential Douglas Elliman, believes that New York City retailers will do at least 2 to 3 percentage points better this holiday season than the past two years.
Jeff Roseman, executive vice president at Newmark Knight Frank, said consumer spending has been “pent up” for the past two years. “Retailers are discounting earlier and more often, and this could create the perfect storm for shoppers,” he said, predicting a “surprisingly good” holiday season. [more]
